published by MarketsandMarkets™, the market is expected to reach USD 10.59 Billion by 2022 from USD 8.10 Billion in 2017, at a CAGR of 5.5%. Increasing prevalence of diseases, demand for liquid biopsy, growing demand for blood components, and increasing number of surgeries and accidental cases are the factors driving the growth of the market.

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The blood collection tubes segment to account for the largest share of the market in 2017

By product, the market is broadly segmented into blood collection tubes, needles and syringes, blood bags, blood collection devices, and lancets. The blood collection tubes segment is expected to hold the largest share of the Blood Collection Market in 2017. Blood collection tubes enable the easy collection and multiple sample collection from a single venipuncture; this is driving its adoption in a wide range of applications.

The manual blood collection method is expected to hold the largest share of the market in 2017

On the basis of method, the market is classified into manual blood collection and automated blood collection. The manual blood collection is expected to dominate the market in 2017. Lower costs (as compared to automated blood collection), high demand for whole blood transfusions, and the availability of a wide range of products for this method are the major factors driving market growth in this segment.

Based on end user, the hospitals and pathology laboratories segment to hold the largest market share in 2017

Based on the end user, the global Blood Collection Market is divided into hospitals and pathology laboratories, blood banks, and other end users (emergency medical service providers, long-term acute care centers, nursing homes, home care centers, and medical & academic institutes). In 2017, the hospitals and pathology laboratories segment is expected to account for the largest share of the global Blood Collection Market. The increasing prevalence of diseases that require blood diagnosis is a key market driver for this end-user segment.

North America to dominate the market in 2017

North America is expected to account for the largest share of the market in 2017, followed by Europe. The largest share of the North American market is owing to factors such as government initiatives for blood safety, increasing prevalence of lifestyle diseases, and the presence of key players in this region.

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The APAC region is expected to grow at the highest CAGR over the next five years. A large population base, improving healthcare infrastructure, growing medical tourism, increasing number of hospitals, and rising disposable incomes in the region are expected to offer significant growth opportunities for key players operating in the market.

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